OPEC maintains its production target

The 12-member oil cartel OPEC will leave its production target unchanged at 30 million barrels a day.

According to Bloomberg, Saudi Arabian oil minister Ali al-Naimi confirmed the report that markets were already expecting.

OPEC is holding its June meeting in Vienna on Friday.

Following this news, crude-oil prices were little changed, with West Texas Intermediate crude trading right around $57.90 a barrel and Brent crude oil, the international benchmark, trading near $62.

Crude-oil prices slumped Thursday ahead of the meeting, with WTI and Brent crude falling by more than 2%.

This is not a surprise to markets, as OPEC has already overshot its output levels for several months to maintain market share.

On a bit of a lag, however, crude-oil prices were starting to move higher Friday morning.

Here's the pop in WTI, which is up a bit less than 1%.